RBL Bank Razorpayx Corporate T&E Credit Card – Benefits, Fees & Eligibility

Introduction

The RBL Bank RazorpayX Corporate T&E Card, issued by RBL Bank, is positioned as a premium expense management solution designed to empower businesses by streamlining travel and entertainment expenses. It offers unparalleled convenience and benefits, notably featuring zero joining and annual fees, complimentary domestic lounge access, and comprehensive travel insurance coverage, alongside a robust reward points program for all transactions.

Fees

• Joining Fee: NIL
• Annual Fee: NIL
• Rewards Redemption Fee: INR 99 + GST applies per redemption.
• Foreign Currency Markup: 2.5% per transaction.
• Late Payment Fee: 2% on the total outstanding amount, with a minimum of INR 300.
• Fuel Surcharge Waiver: 1% waiver, capped up to INR 500 per billing cycle.
• Interest-Free Credit Period: Up to 50 days.

Rewards

• Reward Points Accumulation:
  • 2 Reward Points per INR 150 on domestic transactions.
  • 3 Reward Points per INR 150 on international transactions.
  • Rewards accrue in multiples of INR 100.
  • Maximum 5,000 points can be accumulated per statement cycle.
  • Reward points expire in 2 years.
• Lounge Access:
  • Enjoy 2 complimentary domestic lounge visits every calendar quarter at airports in India.
• Insurance Benefits:
  • Air Accident Cover: INR 1,00,00,000
  • Lost Card & Fraud Liability: INR 20,00,000
  • Lost Baggage & Personal Documents: INR 75,000
  • Baggage Delay: INR 7,500
  • Baggage Damage: INR 2,500
  • Loss of Passport: INR 12,500
  • Flight Delay: INR 15,000
  • Note: Insurance covers are a standard product feature and cannot be customized.
• Lifestyle & Business Benefits:
  • Access to Nuclei Platform: Maximize business savings on SaaS tool purchases with exclusive discounts.
  • Access to XOXO Day Platform: Simplify corporate gifting, employee rewards, and client recognition by purchasing gift cards at discounted prices.
  • Access to CorpCard Hub: A centralized portal for commercial card management, offering enhanced visibility, real-time insights, and streamlined operations for both corporate administrators and cardholders.
• Other Benefits:
  • Flexi Limit: Easily manage credit limits across commercial cards, allowing issuance of additional cards without reducing limits on existing ones, provided the total outstanding balance remains within the company's credit line.
  • Merchant Category Wise (MCC) Restriction: Corporates can restrict card usage on certain merchant categories.
  • International Spends: The card can be used for international transactions.

Rewards Redemption Guide

• A redemption fee of INR 99 + GST applies for reward point redemptions.
• Reward points have a validity of 2 years from the date of accumulation.
• Points can be redeemed through the RBL Rewards platform.

Card Eligibility Criteria

• Who can apply: Businesses utilizing Razorpay services, particularly startups and SMEs.
• Employee Cards: Corporates can request to issue individual RBL Bank RazorpayX Commercial Cards to their employees.
• KYC Requirement: As per RBI regulations, complete individual KYC needs to be undertaken before card issuance.
• Credit Bureau Impact: The commercial card solutions are corporate liability products, meaning the credit limit will not appear in the personal bureau score of the individual cardholder.

Card Review

The RBL Bank RazorpayX Corporate T&E Card is an excellent choice for businesses, especially startups and SMEs using Razorpay, that seek a robust and cost-effective solution for managing travel and entertainment expenses. Its key strengths lie in the complete waiver of joining and annual fees, comprehensive travel insurance, and valuable business-centric platforms like Nuclei and XOXO Day for additional savings and rewards. The Flexi Limit feature offers significant administrative ease for corporates managing multiple employee cards. While the reward points are capped per cycle and incur a redemption fee, the overall value proposition, particularly the extensive insurance coverage and zero fees, makes it a strong contender for businesses aiming to streamline operations and reduce overheads.

Important Product Details

• Positive Highlights:
  • ZERO Joining and Annual Fees.
  • Up to 50 days interest-free credit period.
  • 2 complimentary domestic lounge visits every calendar quarter.
  • Comprehensive travel insurance coverage, including INR 1 Crore for Air Accident.
  • 1% Fuel Surcharge Waiver, capped at INR 500 per billing cycle.
  • Flexi Limit feature for efficient management of card limits.
  • Exclusive discounts on SaaS tools via the Nuclei platform.
  • Access to discounted gift cards through the XOXO Day platform.
  • Centralized card management and visibility via CorpCard Hub.
  • Competitive foreign currency markup of 2.5%.
  • Corporate liability product, ensuring no impact on individual cardholder's credit bureau score.
  • Option for secured FD-backed cards where the FD continues to earn interest.
  • Ability to set merchant category wise (MCC) restrictions on card usage.
• Negative Highlights:
  • Reward points accumulation is capped at 5,000 points per statement cycle.
  • Reward points have a limited validity of 2 years.
  • A redemption fee of INR 99 + GST applies for redeeming reward points.
  • Insurance covers are standard and cannot be customized or supplemented with additional corporate-specific covers.
  • For FD-backed cards, the Fixed Deposit cannot be closed midway, though partial withdrawal may be possible depending on credit limit and deposit amount.

Other Details

• Commercial Cards are primarily used by corporate employees for business-related expenses to streamline expense management and improve financial control.
• When opting for a secured facility against a Fixed Deposit, the FD amount continues to generate returns at the applicable interest rate and is not impacted.
• For grievance redressal, customers can write to corporatecard.support@rbl.bank.in.
• Detailed Terms & Conditions for various aspects of the card, including Nuclei, XOXO Day, Card Member T&Cs, Commercial Card Payment Modes, Insurance T&Cs, Most Important Terms and Conditions (MITC), and Schedule of Charges, are available.